brillomaster Posted August 29, 2015 Share Posted August 29, 2015 Whats going on with it this time?!? Seems to be on the down again, Sainsburys is currently selling both petrol and diesel for 105.9p, gone down 4 or 5p in the last month or so. Is it on its way below £1? I put it down to all these people buying hybrid/electric/ otherwise fuel efficient cars, thus reducing demand and price... thanks Gangzoom! Quote Link to comment Share on other sites More sharing options...
ioneabee Posted August 29, 2015 Share Posted August 29, 2015 China stock market 1 Quote Link to comment Share on other sites More sharing options...
TT350 Posted August 29, 2015 Share Posted August 29, 2015 I remember when it went up to 80p and there was a big hooha Quote Link to comment Share on other sites More sharing options...
ilogikal1 Posted August 29, 2015 Share Posted August 29, 2015 Is it on its way below £1 No. Quote Link to comment Share on other sites More sharing options...
Dynamic Turtle Posted August 29, 2015 Share Posted August 29, 2015 Not necessarily a good thing, will mean lots of job losses if it stays this low (I.e. below the marginal cost of production for all but the Saudis). Quote Link to comment Share on other sites More sharing options...
Bems Posted August 29, 2015 Share Posted August 29, 2015 There's already been LOTS of job losses but will certainly be worse to come if it remains this low. Quote Link to comment Share on other sites More sharing options...
gangzoom Posted August 30, 2015 Share Posted August 30, 2015 (edited) As predicted by a member of OPEC forecasters over a decade ago: "Thirty years from now there will be a huge amount of oil - and no buyers. Oil will be left in the ground. The Stone Age came to an end, not because we had a lack of stones, and the oil age will come to an end not because we have a lack of oil." A lot of people think OPEC isn't cutting production to try and drive cheaper producers out of business....But if they believe their own prediction, all OPEC is doing is trying to sell as much of the oil as they can before demand tails off....Thrity years from 2000 is 2030, if 200 mile range EVs become cheaper and affordable to the masses by 2020, his timing isn't that far off!! - OK he was concerned about hydrogen fuel cell cars but the end result will be the same. Sheikh Yamani predicts price crash as age of oil ends - Telegraph Edited August 30, 2015 by gangzoom Quote Link to comment Share on other sites More sharing options...
Toon Chris Posted August 30, 2015 Share Posted August 30, 2015 Its a deliberate move to kill off the USA's cheap fracking, shale oil and coal industries. Quote Link to comment Share on other sites More sharing options...
brillomaster Posted August 30, 2015 Author Share Posted August 30, 2015 sweet, well if all that means that little old me can carry on running high powered petrol engines then i'm in! 1 Quote Link to comment Share on other sites More sharing options...
Ekona Posted August 30, 2015 Share Posted August 30, 2015 Amen brother! Quote Link to comment Share on other sites More sharing options...
NWZ Posted August 30, 2015 Share Posted August 30, 2015 VPower 115p yesterday, it was 125p last month...that's nuts. And a couple of weeks ago I came across some old receipts from 2010, 145p vpower, so make the most of it. Quote Link to comment Share on other sites More sharing options...
KyleR Posted August 30, 2015 Share Posted August 30, 2015 Not necessarily a good thing, will mean lots of job losses if it stays this low (I.e. below the marginal cost of production for all but the Saudis). To be quite honest, when a billion people are being overcharged for petrol, I'm not bothered about a few thousand peoples jobs Quote Link to comment Share on other sites More sharing options...
Dynamic Turtle Posted August 30, 2015 Share Posted August 30, 2015 It's not just about people, it's about the FTSE, bonds yields and all the industry that supports and is supported by the energy business. $40 oil will probably cause more problems than it solves in the short to medium term. 1 Quote Link to comment Share on other sites More sharing options...
gangzoom Posted August 30, 2015 Share Posted August 30, 2015 (edited) It's not just about people, it's about the FTSE, bonds yields and all the industry that supports and is supported by the energy business. $40 oil will probably cause more problems than it solves in the short to medium term. ...and if the current oil producers do have to reduce production, longterm prices will go up, no demand = no mass extraction = extra cost to who ever is still using the stuff. But we're probable a decade away from that yet. Edited August 30, 2015 by gangzoom Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted August 30, 2015 Share Posted August 30, 2015 no demand What realm of fantasy are you living in to think there will be no demand in a decades time Quote Link to comment Share on other sites More sharing options...
Adrian@TORQEN Posted August 30, 2015 Share Posted August 30, 2015 no demand What realm of fantasy are you living in to think there will be no demand in a decades time My OCTZILLA is very demanding in terms of petrol! Quote Link to comment Share on other sites More sharing options...
Bems Posted August 30, 2015 Share Posted August 30, 2015 Not necessarily a good thing, will mean lots of job losses if it stays this low (I.e. below the marginal cost of production for all but the Saudis). To be quite honest, when a billion people are being overcharged for petrol, I'm not bothered about a few thousand peoples jobs Yeah thanks for that! Quote Link to comment Share on other sites More sharing options...
PPod Posted August 30, 2015 Share Posted August 30, 2015 Love low petrol prices but hate working for an oil company as of 1st of September I get no double time anymore and my time and a half is now Time and a third How do I pay for the mods now (better look for a 2nd job) Quote Link to comment Share on other sites More sharing options...
KyleR Posted August 30, 2015 Share Posted August 30, 2015 Not necessarily a good thing, will mean lots of job losses if it stays this low (I.e. below the marginal cost of production for all but the Saudis). To be quite honest, when a billion people are being overcharged for petrol, I'm not bothered about a few thousand peoples jobs Yeah thanks for that! Quote Link to comment Share on other sites More sharing options...
gsexr Posted August 30, 2015 Share Posted August 30, 2015 I remember when it went up to 80p and there was a big hooha i remember 80p as well................. a gallon Quote Link to comment Share on other sites More sharing options...
spursmaddave Posted August 30, 2015 Share Posted August 30, 2015 Diesel < Petrol round here Sent from my iPhone using Tapatalk Quote Link to comment Share on other sites More sharing options...
Jetpilot Posted August 31, 2015 Share Posted August 31, 2015 Anyone know why the price of petrol/diesel has levelled off? Quote Link to comment Share on other sites More sharing options...
Juggalo Posted September 1, 2015 Share Posted September 1, 2015 (edited) Anyone know why the price of petrol/diesel has levelled off? OPEC wanted to drop production lat year to stabilise the price of oil (to you and me, it was about 128 a litre.) Russia said no, as they depended on high production because of the state of their economy. So over production, increased shale production in the USA, less demand from the USA, and now the China economy is hitting consumers there, so again, less demand. Edited September 1, 2015 by Juggalo Quote Link to comment Share on other sites More sharing options...
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